Pipehawk plc
PipeHawk plc is a UK AIM-listed engineering group offering advanced engineering solutions across utility detection and mapping (Adien), rail track renewal and maintenance equipment (Thomson Engineering Design), ground probing radar technology (Utsi Electronics), and skid-resistance test equipment (Wessex Precision Instruments). Revenue is earned from the development, assembly and sale of automated manufacturing units, test systems, rail industry solutions and ground probing radar equipment, plus GPR-based survey services.
FY2025 in sixty seconds
year to 30 Jun 2025 · approved 24 Nov 2025 · 47 pages · Companies House
PipeHawk plc, a small UK engineering group making ground-scanning radar and rail maintenance machines and carrying out underground utility surveys, saw revenue fall to £3.7m from £9.1m. Even so, it made an operating profit of £118k, against a £1.2m loss the year before, and its loss after tax narrowed to £259k.
Revenue fell mainly because the group left its loss-making QM Systems business, while the businesses it kept grew, led by rail machinery. The previous year's loss also included a one-off gain of £870,000, making the underlying improvement larger than the loss figures alone suggest.
Cash at the year end was £15k, borrowings stood at £6.9m and the group owes more than it owns. No new shares were issued and no dividend was paid. Management expects growth in rail and surveys but says UK rail and public-sector spending is being held back. The auditor flagged a serious doubt over whether the company can keep going, because it depends on continued financial support from its Executive Chairman, who has pledged it for at least 12 months.
Rail attachment and track renewal machinery (Thomson Engineering Design)
TED turnover grew from £1.14m to £1.77m (+55%), partnership with Unipart driving exposure, RFQs over £500k generated at Rail Live event
page 4Group returned to operating profit (£118k vs £(1,215)k loss) and positive EBITDA (£207k) despite turnover falling 59% as unprofitable QM Systems business exited and core businesses grew 27%
Chairman's statement; remaining core turnover grew from £2.9m to £3.7m
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 315 confirmed, 14 differ.
No figure has been restated: every figure a later report printed again, it printed the same.